Maybank INDOCHINA
Overview
Maybank Indochina consists of operations in Vietnam and Cambodia and, as of 2012, a first branch in Laos. We opened our first branch in Cambodia in 1993 to serve Malaysian and Singaporean companies. We have since expanded to meet the needs of local Cambodian businesses. Maybank Vietnam kicked off in 1995 with a branch in Hanoi followed by a representative office in Ho Chi Minh City, the latter having since become a full-fledged branch.
- Financial Performance
- Maybank Cambodia achieved a massive revenue growth of 41.4% to achieve USD17.8 million. This was primarily driven by higher net interest income, up by 45.6% to USD15.3 million, and by growth in non-fund based income, which rose 21.2% to USD2.6 million, mostly in remittance business.
- Maybank Vietnam recorded a remarkable surge in PBT which hit USD9.2 million, nearly five times higher than last year's results. Net interest income rose 34.2% to USD6.4 million despite the continued cap on annual loans growth implemented by The State Bank of Vietnam.
Achievements
2012 marked a significant milestone in Maybank's expansion in the Indochina region. We opened our first branch in Vientiane, the capital of Laos, thus completing the Maybank Group's footprint in all ten ASEAN nations. In April, we saw the local incorporation of Maybank operations in Cambodia, which allows greater opportunity for expansion into the market there.
We opened our twelfth branch in the Phnom Penh Special Economic Zone (PPSEZ) in December. We have succeeded in doubling our Cambodian branch network over the last four years, and today we are ranked seventh by asset size. We also introduced internet banking to our Cambodian operations, enhancing our customer reach and brand awareness and streamlining our trade finance processing.
Outlook
Cambodia's real GDP growth is expected to be 7.0% in 2013. Trade should revive in response to an improving economic environment and the government's economic diversification efforts. Vietnam, however, will likely face challenges in external markets and domestic credit. The Indochina region provides tremendous opportunities for us to capitalise on our strength as a regional bank to facilitate trade and investment flows. We will continue to focus on expansion, enhancing our product and service capabilities whilst exploring synergies with Vietnam's An Binh Bank and Maybank Kim Eng.
